If you look at the chart, you can see an upward trend, starting in January 2016. Locally, oil continues correction towards the bottom of the channel of this trend.
In general, oil is excited about nice round numbers. Let's remember 2016, when it tested levels of 45 and 50 several times a week, for no good reason, often following the news that contradicted its movement.
Short-term speculators should get ready to see an attempt to test 70 with support at 69.3.
As things stand, there is also a high probability that it moves to 65.
We would like to notice that there are attractive levels at the top too. They are 77 and 80. These levels will perfectly finish the right shoulder, and a movement towards 86 will showcase a possible reversal from the “second top”, one way or another. A breakout of the level of 87 will forward oil towards the already forgotten levels of 97, 100, and probably higher.
We will be able to identify the trend reversal in case of a breakout of the . Currently, we recommend a long position for Brent oil .
At the moment, 69.7; 65 are the levels for adding to the position. The transaction entry level is 71.
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